MARK 3336 FINAL EXAM VERIFIED STUDY GUIDE
Strategic Planning - Answers - the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
4 Steps to Strategic Planning - Answers - 1. Define company mission.
2. Set company objectives and goals
3. design a business portfolio
4. plan marketing and other functional strategies
Mission Statement - Answers - what an organization wants to accomplish, it's purpose
in the bigger market
Value Proposition - Answers - A business or marketing statement that summarizes why
a consumer should buy a product or use a service. This statement should convince a
potential consumer that one particular product or service will add more value or better
solve a problem than other similar offerings.
Vision Statement - Answers - takes into account the current status of the organization,
and serves to point the direction of where the organization wishes to go.
BCG Grid - Answers - D->Q->S->C
Ansoff Grid - Answers - Market Development Grid (when to expand your business)
products/market -> present products, new products
present customers, new customers
STP - Answers - Segmentation, Targeting, Positioning
Segmentation - Answers - dividing the total market into segments
Targeting - Answers - select the segment or segments to enter
Differentiation - Answers - make your offering different to provide superior customer
value
Positioning - Answers - position the market offering in the minds of target customers
Customer Insights - Answers - a deep truth about the customer, based on their
behaviour, experiences, beliefs, needs or desires that is relevant to the tasks or issue
and rings bells with target people
, Market Research - Answers - ...
Market Information - Answers - ...
Ethnographic Research - Answers - involves sending trained observers to watch and
interact with customers in their natural environment
The 4 Steps in Marketing Research - Answers - 1. Define the problem and research
objective
2. Develop a research plan for collecting information
3. Implement the research plan and collect and analyze the data
4. Interpret and Report the findings
Causal Research - Answers - marketing research to test hypothesis about cause and
effect relationships
Experimental Research - Answers - this is best for gathering causal information, cause-
and-effect relationships
Experimental Design
Exploratory Research
Primary Data - Answers - information gathered for the special research plan
Secondary Data - Answers - consists of information that already exists somewhere,
having been collected for another purpose
The 4 P's of Marketing - Answers - Product, Price, Place (distribution), Promotion
Phychographic Segmentation - Answers - this segmentation divides buyers into different
groups based on social class, lifestyle or personality traits
There are three main types of this Phychographic Segmentation
Lifestyle segmentation
Social/value segmentation
Personality segmentation
Maslow Hierarchy of Needs - Answers -
Involvement Theory in Buyer Behavior (CIT) - Answers -
Post-purchase buyer behavior - Answers - after you make a purchase, some people go
through a post-purchase buyer behavior, sometimes buyers remorse or cognitive
dissonance
Strategic Planning - Answers - the process of developing and maintaining a strategic fit
between the organization's goals and capabilities and its changing marketing
opportunities
4 Steps to Strategic Planning - Answers - 1. Define company mission.
2. Set company objectives and goals
3. design a business portfolio
4. plan marketing and other functional strategies
Mission Statement - Answers - what an organization wants to accomplish, it's purpose
in the bigger market
Value Proposition - Answers - A business or marketing statement that summarizes why
a consumer should buy a product or use a service. This statement should convince a
potential consumer that one particular product or service will add more value or better
solve a problem than other similar offerings.
Vision Statement - Answers - takes into account the current status of the organization,
and serves to point the direction of where the organization wishes to go.
BCG Grid - Answers - D->Q->S->C
Ansoff Grid - Answers - Market Development Grid (when to expand your business)
products/market -> present products, new products
present customers, new customers
STP - Answers - Segmentation, Targeting, Positioning
Segmentation - Answers - dividing the total market into segments
Targeting - Answers - select the segment or segments to enter
Differentiation - Answers - make your offering different to provide superior customer
value
Positioning - Answers - position the market offering in the minds of target customers
Customer Insights - Answers - a deep truth about the customer, based on their
behaviour, experiences, beliefs, needs or desires that is relevant to the tasks or issue
and rings bells with target people
, Market Research - Answers - ...
Market Information - Answers - ...
Ethnographic Research - Answers - involves sending trained observers to watch and
interact with customers in their natural environment
The 4 Steps in Marketing Research - Answers - 1. Define the problem and research
objective
2. Develop a research plan for collecting information
3. Implement the research plan and collect and analyze the data
4. Interpret and Report the findings
Causal Research - Answers - marketing research to test hypothesis about cause and
effect relationships
Experimental Research - Answers - this is best for gathering causal information, cause-
and-effect relationships
Experimental Design
Exploratory Research
Primary Data - Answers - information gathered for the special research plan
Secondary Data - Answers - consists of information that already exists somewhere,
having been collected for another purpose
The 4 P's of Marketing - Answers - Product, Price, Place (distribution), Promotion
Phychographic Segmentation - Answers - this segmentation divides buyers into different
groups based on social class, lifestyle or personality traits
There are three main types of this Phychographic Segmentation
Lifestyle segmentation
Social/value segmentation
Personality segmentation
Maslow Hierarchy of Needs - Answers -
Involvement Theory in Buyer Behavior (CIT) - Answers -
Post-purchase buyer behavior - Answers - after you make a purchase, some people go
through a post-purchase buyer behavior, sometimes buyers remorse or cognitive
dissonance
